Housing Prices Rose in December 2023 At Fastest Rate Since End of 2022
Despite decades high mortgage rates and consumer price inflation coming in 50% higher than the Federal Reserve target rate, home prices rose at an annualized rate of 5.5% in December 2023 the highest annualized percentage rate of increase since the end of 2022 according to analysis from Standard & Poors Global.
““Looking back at the year, 2023 appears to have exceeded average annual home price gains over the past 35 years.””
Prices in San Diego rose the fastest of any urban area at 8.8% with the next fastest major metro areas being Los Angeles and Detroit which saw prices rise 8.3% on an annual basis as well.
For the past three years, the rising cost of shelter has been a key factor in price inflation as measured by the consumer price index continuing to doggedly stay roughly 50% higher than the national goal of 2% for an annualized inflation rate.
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